Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLS HELP!!!! 1. Credit Card Debt John has a balance of $3000 on this credit card, which charges 12% per year on unpaid balances. John
PLS HELP!!!! 1. Credit Card Debt John has a balance of $3000 on this credit card, which charges 12% per year on unpaid balances. John will not make any additional charges with the credit card, and he will pay $100 per month until the balance is paid off. 1. (i) Determine how many monthly payments of $100 he must make in order for the balance to fall below $2000. 1. (ii) When he has paid off the balance, what is the total of all his payments? 1. (iii) When he has paid off the balance, what is the interest expense?
PLS HELP!!!!
1. Credit Card Debt John has a balance of $3000 on this credit card, which charges 12% per year on
unpaid balances. John will not make any additional charges with the credit card, and he will pay
$100 per month until the balance is paid off.
1. (i) Determine how many monthly payments of $100 he must make in order for the balance to fall
below $2000.
1. (ii) When he has paid off the balance, what is the total of all his payments?
1. (iii) When he has paid off the balance, what is the interest expense?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started